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MGT-101 Final Term Exams Preparation Virtual University MCQs With Answers

Question # 1

An asset that is not physical in nature is called ____

Choose an answer

intangible asset

liquid assets

current asset

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Question # 2

If a business pays rent in 12 months mit will be treated as:

Choose an answer

Prepaid expenses of business

Long term liability of business

Fixed assets of business

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Question # 3

Accountancy cover which of the following series

Choose an answer

bookkeeping

accounting

auditing

all of the above

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Question # 4

____ is the detail of transaction in one account provided by the bank

Choose an answer

bank statement

income statement

bank reconciliation statement

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Question # 5

Word credit is derived from

Choose an answer

Latin

English

French

Chinese

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Question # 6

If a business purchase machinery for rs 30000 on 31 january 2008 having life of 8 years,this expenses will be realized under the concept of accrual accounting

Choose an answer

for the year 2008 only

for the last day of 10th year only

over 10 year

nothing can be said about it

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Question # 7

Which of the following account will be credited if business purchased a vehicle on cash?

Choose an answer

vehicle account

cash account

bank account

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Question # 8

The stock of manufacturing concern consists of

Choose an answer

work in process inventory

raw material inventory

finished goods inventory

all of the given option

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Question # 9

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

Choose an answer

Purchase account

Mr.Ali account

Cash account

Sale account

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Question # 10

All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:

Choose an answer

Capital account

Capital work in progress

Relevant asset account

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Question # 11

Following are the inventories of Manufacturing Concern EXCEPT

Choose an answer

Raw material

work in process

finished goods

merchandise inventory

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